Broadcom Inc. (NASDAQ:AVGO) is Illinois Municipal Retirement Fund’s 7th Largest Position

Illinois Municipal Retirement Fund increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 344,760 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,398 shares during the period. Broadcom accounts for 1.1% of Illinois Municipal Retirement Fund’s holdings, making the stock its 7th biggest holding. Illinois Municipal Retirement Fund’s holdings in Broadcom were worth $79,929,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. boosted its position in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Broadcom in the 4th quarter worth $37,000. R Squared Ltd bought a new position in shares of Broadcom during the 4th quarter valued at about $39,000. JDM Financial Group LLC grew its position in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares in the last quarter. Finally, Asset Planning Inc bought a new stake in shares of Broadcom in the fourth quarter worth about $46,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,278 shares of company stock valued at $44,964,800. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 5.1 %

Shares of NASDAQ AVGO opened at $212.94 on Thursday. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The firm has a market capitalization of $998.13 billion, a price-to-earnings ratio of 173.69, a PEG ratio of 2.29 and a beta of 1.02. The stock has a 50 day moving average price of $228.28 and a 200 day moving average price of $191.46. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the company posted $0.98 EPS. Broadcom’s revenue was up 51.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.11%. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on AVGO. Mizuho increased their price target on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Robert W. Baird raised their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Jefferies Financial Group upped their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Benchmark reissued a “buy” rating and issued a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Finally, TD Cowen upped their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $225.04.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.